Taiwanese still have faith in cash

Taiwan's government has cashless ambitions. One target the government has set, is for 90% of smartphone users to be using mobile payments by 2025. However, consumers and businesses in Taiwan have proven resistant to mobile payment forms, instead preferring to rely on more traditional payment methods. 

According to Technode.com, there are several reasons that the road to cashless for Taiwan seems further away than for their Chinese counterpart: the Taiwanese still have stronger faith in cash when compared to digital payments, with security of digital payments being one of the main concerns for consumers in Taiwan; consumers see no need to "upgrade" their payment methods, as cards and cash are two reliable, and clearly defined, payment methods; the reluctance of small businesses to invest in the technology that is needed to enable NFC payments, particularly when the consumer demand is so low (usage of mobile payments among smartphone users is only 13%); and there are more than 20 mobile wallet providers in Taiwan, leading to consumer confusion and an inability to use their mobile wallet of choice.

Ultimately whether the cashless goals of any government are successful depends not on the businesses who provide cashless solutions or government initiatives, but on the consumer and their payment preferences.


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